Auto Stocks Surge Following Fed Meeting; Tesla, GM Lead Rally

Stocks rallied midweek after the FOMC retained its forecast for two rate cuts this year. The culmination of the Fed’s two-day policy meeting brought no change in the target policy rate range, as was widely expected by market participants.The major indices leapt on Wednesday, fueled by a further drop in treasury yields. The S&P 500 and Nasdaq Composite both finished with gains in excess of 1%. Back on Monday, the S&P 500 notched its first set of back-to-back gains since the index’s February peak.The central ...